Yearn.finance (YFI) founder Andre Cronje is stuffed with concepts, even after he managed to roll out probably the most profitable crypto initiatives in historical past.
The DeFi innovator just lately unveiled his newest experiment, a community referred to as the Keep3r Community, whose native token is KPR.
Sadly, like his different current experiment, some contributors received burned as they purchased the token of the venture with out pondering, then received dumped on by bots and energy customers that managed to build up massive swaths of this asset.
Right here’s a recap of Cronje’s newest venture, together with what it’s and what went down after he launched it.
What’s the Keep3r Community?
According to Cronje’s Github, which printed for this new system on Oct. 19, Keep3r Community is a decentralized market the place initiatives can publish jobs and the place customers can take jobs.
Jobs could be something as “simplistic as calling a transaction, or as complicated as requiring intensive off-chain logic.” A pattern job Cronje talked about was calling the “harvest” perform in a Yearn.finance Vault, which collects and liquidates the cash farmed by the invested capital.
The concept with Keep3r is to permit initiatives strapped for manpower, corresponding to Yearn.finance maybe, to dump a few of the work or upkeep to a gaggle of freelancers.
To make sure that the person is correct for a job, job posters can “specify a minimal bond, minimal jobs accomplished, and minimal Keeper age required to execute this perform.”
On this system, the reward for every job being accomplished is supposed to be paid in KPR tokens.
Job posters pays out KPR by offering KPR-ETH liquidity on Uniswap.
There isn’t a formal person interface for this community, with Cronje utilizing the time period “beta” within the venture’s readme doc.
A stealth launch
Like with Eminence and Liquidity Fundamental Earnings — Cronje’s two prior experiments launched previously month — Cronje instantly interacted with the Keep3r Community contracts, signaling to Ethereum customers that it’s him behind this venture.
Not like with Eminence and Liquidity Basic Income, although, this venture flew beneath the radar.
Cronje didn’t tweet about it, nor did he publish a Medium weblog on the matter.
This meant that the one ones who know of Keep3r Community existence for a very long time have been people who adopted Cronje’s GitHub, or people who tracked his Ethereum handle. Twitter, which catalyzed the hype round Eminence and Liquidity Fundamental Earnings, didn’t choose up on this stealth launch.
Consequently, little capital flowed into the KPR token itself.
Nonetheless, there was some cash that discovered its manner into KPR.
By the night of Oct. 19, KPR traded for $2,000 — 200,000 p.c than its beginning value simply shy of $1.
However as rapidly because it rallied, the unique KPR dumped again beneath $100.
The rationale: Cronje redeployed the Keep3r contracts a lot of instances, seemingly to iron out bugs within the community.
He continues to check KPR’s performance with new contracts. However for some motive, bots or customers experiencing FOMO proceed to purchase the coin anyway as they search to seize the next coin that rallies 1,000,000 percent.
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